Here’s Encyclopedia Britannica:
laissez-faire, (French: “allow to do”) policy of minimum governmental interference in the economic affairs of individuals and society. The origin of the term is uncertain, but folklore suggests that it is derived from the answer Jean-Baptiste Colbert, comptroller general of finance under King Louis XIV of France, received when he asked industrialists what the government could do to help business: “Leave us alone.”
Here’s today’s Bloomberg:
Senior Chinese officials are soliciting advice from business leaders and economists on how to revitalize the economy in a flurry of meetings attendees have characterized as unusually urgent in their tone.
Top officials have held at least six consultations in recent weeks with the executives, according to people present who requested anonymity when discussing sensitive issues.
Leaders pressed those assembled for ideas on ways to stimulate the economy, restore confidence in the private sector and revive the real estate industry, the people said. In response, the business leaders and economists called on the government to make urgent policy revisions and adopt a more market-oriented, rather than planning-led, approach to growth, they said.
And here’s a famous French proverb:
plus ça change, plus c’est la même chose
READER COMMENTS
Mactoul
Jun 14 2023 at 9:38pm
Isn’t this behavior of businessmen somewhat contrary to Adam Smith’s expectation that the businessmen always seeking to plot among themselves for advantages, free market can go hang itself.
Or maybe the Chinese government offer to help comes with hidden stings and the businessmen are well aware of the same.
Scott Sumner
Jun 14 2023 at 10:29pm
Good question. One possibility is that when a country has a relatively effective free market, firms seek protection to boost profits. But when government is already very intrusive, then firms simply wish to be left alone. At that point, there’s more profit from removing regulation.
Jim Glass
Jun 15 2023 at 1:37am
“The End of Chinese Growth, says Goldman Sachs | PBoC Data“
spencer
Jun 15 2023 at 11:07am
NO, the politics were to accommodate the banking lobbyists which influence the House & Senate Banking Committees (whose “campaign contributions typically exceed all other industry & labor groupings”).
The great German poet & playwright Bertolt Brecht puts it in perspective: “it’s easier to rob by setting up a bank than by holding up (one).”
David S
Jun 15 2023 at 3:25pm
As a person who occasionally claims to be a businessman I take the following position towards state power and regulations:
Regulations should reflect utilitarian values and are refined deliberately to reflect new technology, knowledge, and social values
Regulations should be enforced consistently and impartially
The United States does both of these okay, and although the utilitarian test is failed frequently the enforcement standards are good. China, based on everything I’ve read, does poorly on the consistent enforcement of laws and regulations. I wonder how many Chinese businessmen feel comfortable pointing this out during these “consultation” sessions.
David Seltzer
Jun 15 2023 at 6:42pm
Leave us alone should apply to almost all private endeavors. Why is the DOJ investigating the PGA LIV merger? What are the anti-trust concerns?
Comments are closed.